Investment potential of non-state pension funds in Ukraine

Islamic finance has grown rapidly in the recent years particularly in the Middle East and the world. It receives a great attention of bankers and financial scholars due to its stability during financial shocks and crises. The paper uses empirical analysis to test the role of Islamic banking in enhancing the economic growth of United Arab Emirates (UAE). Gross Domestic Product (GDP), Gross formation (GF), and Foreign Direct Investment (FDI) are used as representatives for economic growth, while Islamic banks’ investments are used as a representative for Islamic financial sector in the UAE. The study uses time series techniques to test the link between the variables. In the current study, co-integration along with error correction models is utilized. All econometric work is done using Eviews. The findings reveal that the causal relationship between Islamic banks’ investments and economic growth of UAE is supply-leading direction. Furthermore, the findings depict that Islamic investments have contributed in increasing investments and in bringing FDI into the country in the long-term. The study also shows that there is two-way association between Islamic banks’ investments and FDI. It shows that FDI supports Islamic banking and Islamic banking brings FDI. The paper concludes that authorities of the UAE should devote more attention for this growing banking sector by facilitating regulations for establishing new Islamic banks and then creating a suitable environment for their growth and progress in the UAE.

The present article originates from the effort to answer the following question: is it possible for an organizational structure to steer between organizational routines and Black Swans? (Taleb, 2007). Unexpected, unique and low-frequency events are “unknown variable” that, despite the planning and precautions deployed, catch an organization off-guard, and might have catastrophic consequences. Unexpected events impact organizations, undermining the knowledge and redefining the list of competences that an organization needs in order to be competitive. The main goal of the present article is to shed light on the role and the challenges that firms undertake in their defining moments of adaptation of their organizational assets – the structure –. The rational pattern of adaptation is exemplified by the use of ambidextrous organizational structures, which focus on activities that can be defined as exploration and exploitation. Within the analysis of “the science of complexity”, parallels, paradoxes and metaphors representing a synthesis of a largely shared doctrine will be investigated: firms need to utilize known variables, or sometimes unknown ones, that are inevitably complex, in order to find the right fit, react swiftly to change, successfully compete, and obtain results.

The authors study the performance of mean-variance optimized (MVO) equity portfolios for retail investors in various markets in the U.S. and around the world. Actively managed equity mutual funds have relatively high fees and tend to underperform their benchmark. Index funds such as exchange traded funds still charge appreciable fees, and only deliver the performance of the benchmark. The authors find that MVO portfolios are relatively easy to manage by a retail investor, and that they tend to outperform their benchmark or, at worst, equal its performance, even after adjusting for risk. Moreover, they show that the performance of these funds is not particularly sensitive to the frequency at which they are rebalanced so that, in the limit, an investor might have to rebalance his/her portfolio only once a year. This last finding translates into very low trading costs, even for retail investors. Thus, the authors conclude that MVOs offer an easy, cheap alternative to invest in the world’s equity markets.